Fixed exchange rate no longer fulfills its function, it only accumulates macroeconomic imbalances, - economist
The existence of two exchange rates - official (fixed) and real, which is 5-6 hryvnias higher - creates additional pressure on the economy and generates speculation. Therefore, it should be canceled, and the NBU should make this decision in the near future.
As Censor.NET informs, this was announced by the Head of the Secretariat of the Council of Entrepreneurs under the Cabinet of Ministers of Ukraine Andrii Zablovsky.
"The fixed exchange rate played its positive role from the beginning - it allowed to reduce panic among the population and to keep the hryvnia. And now the NBU is systematically moving towards the cancellation of this fixation - this decision is long overdue. Because there is discomfort and there are problems: exporters and the Ministry of Finance have to sell currency, losing money on the exchange rate," the expert explained.
He also emphasized that the existence of an official and cash exchange rate led to the emergence of an illegal, black currency exchange rate, which harms the sustainable development of the economy.
"The main issue is that the fixed exchange rate no longer solves the problems for which it was introduced at the beginning of the war, and has no effect. Instead, it allows a certain circle of people to earn from the exchange rate difference. Therefore, in the banking sector, the process of canceling this decision is being actively discussed in the near future, because now its presence only accumulates macroeconomic imbalances, which negatively reflect on the work of the economy," the expert summarized.
Earlier, economist Borys Kushniruk said that only banks and a certain circle of speculators are making money from the double exchange rate that has developed in Ukraine, while exporters and the state budget are losing millions by selling currency at a fixed rate. Therefore, the NBU should release the exchange rate in the near future in order to eliminate the imbalance and start the economy.
